The Washington PostThe Washington Post

Fed raises rates again as it weighs how much further to go

By Rachel Siegel

26 Jul 2023 · 5 min read

informed Summary

  1. The Federal Reserve has raised interest rates to their highest level in 22 years in an ongoing effort to combat inflation. The economy has remained resilient despite these measures and inflation rates that have been above normal for nearly two years.

The Federal Reserve pressed on with its fight against inflation Wednesday, raising interest rates to their highest level in 22 years. But it's still not clear how much harder officials will push to slow price increases.

The economy has shown remarkable resilience in the face of aggressive Fed action and inflation rates that, while improving, have remained above normal for nearly two years. Businesses are still hiring, and consumers are still spending - key signs that have zapped fears that a recession is around the corner.

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